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Should I just walk away?
Yes
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Should I just walk away
Be aware that the 10 year doublers are probably the worst of the worst abuses in ground rent / leashold land. I would be highly suspicious of nasty surprises elsewhere in the docs for any estate that had these clauses and freeholder / developer that included them.
That said, if you are 100% sure you can buy the freehold at a fixed price (DO NOT TAKE THE SELLER, THE FREEHOLDER OR THEIR SOLICITORS' WORD FOR IT) it may still make sense to proceed.
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They'll probably say it's priced in (although don't let that put you off a reduced price).
Don't you need to have been there for two years before buying it? I'm no expert but I'm pretty sure there's something like that.
If you want it I'd tell them that you want them to sort it and you'll pay? (But obviously be aware this could slow down the buying process.)
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Howard
NickCJ
aggi
@Clever_Pun
House buying question for you guys
I'm thinking of putting an offer in on a relativly new build house... it was built when leaseholding the land was allowed.
There's 5 years left on a 10 year cycle (where I think the lease can be sold to other developers or ground rent can be doubled)
Buying the leasehold is 6k apparently
I think paying that 6k seems the most sensible thing to do, does anyone have any experience in doing so, are there hidden costs? Should I just walk away?
I'm going to put an offer in today with a reduced price stating all that. Any help?
Thanks